Agili, acting as a personal CFO for successful individuals and families, prides itself on a bespoke approach to financial planning. For Michael Joyce, president of Agili, it’s his aim to ensure that all his clients’ financial goals are met – no mean feat in the current market.
“We’re very goals-oriented for our clients," says Joyce. "We work in helping them establish their financial goals and objectives, and we do believe that everybody has different goals and objectives, even members of the same family."
And his hands-on approach has proven to make significant differences. Joyce recounts a recent situation where a client purchased a new house in Florida – he personally negotiated with the seller and assisted in pricing the client's old house for sale. It was this direct involvement that ensured that the client's financial objectives were met without hassle.
Yet another instance involving a client wanting to gift substantial funds to her three sons, allowed Joyce's to maximize her annual gift tax exclusion while ensuring her financial stability.
"These are funds that she can easily give to her three sons without imperilling her financial goals and objectives," Joyce explains.
And, discussing the concept of direct indexing, Joyce provides a realistic view.
"I like the concept of direct indexing. We have not yet done a lot of direct indexing." While the firm allocates a portion of the US equity in clients' portfolios towards passive investing, primarily through exchange-traded funds (ETFs), the tax implications of direct indexing are a significant barrier.
"One of the issues with direct investing is especially for the tax loss selling component of it. It really works better in taxable accounts rather than retirement accounts," Joyce says. "We always tell clients we don’t want the tax tail to wag the dog, but we do want to be tax aware."
Joyce’s long tenure in the industry provides him with a unique perspective on emerging trends. Looking ahead, he sees the need to adapt services as clients age.
“Our clients are going to be aging, although we are adding younger clients as well," he says. Joyce identifies the demand for services like bill paying, tax preparation, and trust management as clients grow older – he also anticipates that scalability will drive industry consolidation, allowing firms to provide these enhanced services more efficiently.
"This is a trend that we’re going to continue to see," he adds.
Despite the aging client base, Joyce notes significant growth among younger clients, particularly young doctors and corporate executives in their 30s and early 40s. These clients, although initially burdened by medical school loans and other financial hurdles, are seen as valuable long-term relationships.
"We have been attracting young doctors, young corporate executives, and they are in their 30s and early 40s. We view them all as good long-time relationships," Joyce says.
Interestingly, Joyce observes that a considerable portion of new clients remains in their mid-60s. He shares an example of a couple: a busy executive and his wife, an interior decorator set to retire soon.
“They’re looking to outsource this. They’re looking to basically hire a team of experts that will take over their financial situation."
Joyce also highlights an intriguing trend of acquiring clients in their 80s, often driven by the need for succession planning. These clients, typically families where the husband historically managed the finances, now seek a reliable succession plan.
"These are families where the husband handled all of the financial piece of it, and he is looking for his succession plan," Joyce explains.
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